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Chairman of the Supervisory Board of NII KPU E.Sh. Juraev joined the RSPP Board

The participation of representatives of the Research Institute of the Communist Party in the composition of the expert council on the import substitution of the State Duma of the Federal Assembly of the Russian Federation

Director of the Research Institute of the Communist Party became a member of the Council of the RF CCI on Intellectual Property

Chairman of the Supervisory Board of the CPMI was appointed as a member of the Expert Council on Import Substitution and Improvement of Innovation Public Procurement in the transport sector at the Ministry of Transport of the Russian Federation

The CPMI is included in the TK-481 of the Federal Agency on Technical Regulating and Metrology of Russia

Chairman of the Supervisory Board of the Research Institute of the Communist Party was appointed a board member of the MIC board of PPP Development

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CPMI is included in TC 100 of Federal Agency on Technical Regulating and Metrology

Activities CPMI received a high rating

Heads of CPMI were included in Center of Monitoring of Peoples’ Front for Russia

Coordinated participation of CPMI Experts as experts of Government Commission on Fuel-Energy Complex

Skolkovo and CPMI are joining forces in solving issues on import substitution in RF

On September 24, 2019, as part of the meeting of the Working Group on Infrastructure Funds of the Expert Council on the Long-Term Investment Market at the Bank of Russia, NII KPU experts took part in the discussion “Infrastructure funds as a mechanism for mobilizing private capital for implementing national projects in the Russian Federation: needs, prospects, barriers”. The discussion was moderated by the Chairman of the Expert Council on the Long-Term Investment Market at the Bank of Russia, Executive Director of NACDI Svetlana Bik.

In January 2019, at a regular meeting of the Expert Council on the Long-Term Investment Market at the Bank of Russia, it was decided to form a working group on the development of infrastructure funds under the Expert Council. Among the priorities of the Working Group is a draft concept for the development of infrastructure funds in the Russian Federation. In this regard, to study the issue, on September 24, 2019, an expanded meeting of the Working Group on Infrastructure Funds of the Expert Council on the Long-Term Investment Market at the Bank of Russia took place in the format of an expert discussion on the topic “Infrastructure funds as a mechanism for mobilizing private capital for implementing national projects in the Russian Federation: needs, prospects, barriers. ”

The discussion was moderated by the Executive Director of NAKDI, Chairman of the Expert Council for the Long-Term Investment Market at the Bank of Russia Svetlana Bik spoke about the “universe” of infrastructure funds abroad. It was noted that in the world there is no clear taxonomy in the field of infrastructure, approaches differ, but the outline of the approaches is rather soft and conditional, in connection with which there is a process of convergence of concepts and subject areas. Over the past 5 years, the theme of infrastructure has begun to absorb new entities, along with classic areas such as energy, communications, transport, utilities. Among the new entities in the world, for example, industrial infrastructure, which is not included in the list of objects of concession agreements defined in Federal Law of July 21, 2005 No. 115-ФЗ On Concession Agreements.

Svetlana Bik emphasized that the implementation of national projects in Russia is estimated at 25.7 trillion rubles. About 20 trillion rubles should be directed to the development of infrastructure, of which, according to the expert opinion of NACDI, it is necessary to attract 7 trillion rubles of private investment. A comparison was made of the assessment of the need for infrastructure financing, laid down in national projects with the expert opinion of the G-20 analytical service in the field of infrastructure Global Infrastructure Outlook: the international assessment of financing is 2 times the amount announced in national projects.

According to Svetlana Bik, the main mechanism for attracting private investment in infrastructure is the development of private private capital funds. The largest strategic investors in infrastructure funds are pension and sovereign funds, insurance companies.

The green infrastructure funds became the trend of the 21st century: currently there are about 500 green funds with assets of $ 200 billion in the world, their investments are directed mainly in the field of renewable energy.

Svetlana Bik named the TOP 10 management companies in terms of attracted capital to infrastructure funds over 10 years. Among them: Macquarie Infrastructure and Real Assets, Global Infrastructure Partners, Brookfield Asset Management, BlackRock, Energy Capital Partners, Stonepeak Infrastructure Partners, EIG Global Energy Partners, KKR, I Squared Capital, Alinda Capital Partners. It was noted that along with the classic management companies - money managers - over the past 10 years, a separate class of infrastructure management companies has formed in the global market - infrastructure assets managers.

The Chairman of the Board of Directors of INFRAKAP LLC, Alexander Bazhenov, spoke about the expectations, goals, objectives and measures for developing the activities of investment funds for joint and debt financing of the preparation and implementation of infrastructure projects. It was noted that in order to satisfy the demand for financing infrastructure in Russia, it is necessary to allocate about 10-15% of the growth in the financial sector to its development.

Alexander Bazhenov emphasized that currently in Russia the only type of investors who can actively “play” in the infrastructure investment market is banks. In Russia, there is a successful example of the development of the long-term financing market - this is the mortgage lending market, which was launched in Russia in 2007 and currently represents a proven mechanism. The process of launching a large real estate financing project, according to Alexander Bazhenov, is not significantly different from what can be launched in the infrastructure.

Among the main risks of investment in infrastructure, investors themselves call: political risks at the level of regions and municipalities, the risk of construction delays, complexity of analysis, duration of procedures, etc.

Igor Snegurov, Chairman of the Board of Directors of VIS Group, noted that within the framework of national projects, the need to upgrade infrastructure is estimated at 26.6 trillion rubles, of which budget sources of financing amount to 19.1 billion rubles or 70%, and extrabudgetary - 7.5 trillion rubles .

Extrabudgetary investments attracted by VIS Group in national projects currently exceed 200 billion rubles, the investment portfolio includes the following projects: the Bypass of Khabarovsk highway, the Vinogradovo-Boltino-Tarasovka highway, and the bridge over the river. Ob in Novosibirsk, a bridge across the Kaliningrad Bay, the State Philharmonic of Yakutia and the Arctic Center for Epic and Arts, a network of clinics in Novosibirsk, five schools, five kindergartens, a SMART library and a culture center in Yakutia, a modern outpatient complex in Yakutsk, a perinatal center in Surgut, waste sorting complexes in Novosibirsk. Potential extrabudgetary investments attracted by Vis Group in national projects exceed 420 billion rubles.

Igor Snegurov outlined the problems of financing infrastructure projects. Among them: budget deficit, in particular, at the regional level, limited available funds of private investors, long periods of return on investment in infrastructure projects, lack of preferences for infrastructure investors, systemic regulatory restrictions.

ACRA Director General Igor Zelezetskiy noted that project financing in its classical sense is only in its infancy in Russia. Currently preparing to expand the range of ACRA methodology in the field of project finance. The first mention of project financing appeared in the methodology of structured financing, where the foundation was laid for working with portfolios of project and financial transactions. Since September 9, 2019, the Analytical Credit Rating Agency has been discussing the draft document “Methodology for assigning credit ratings to issuers, instruments and project financing obligations according to the national scale for the Russian Federation”. In accordance with the project, the ACRA methodology is used to assign credit ratings to both project financing transactions that are completely exposed to market risks of demand, volume, etc., as well as concession, PPP projects in which the above risks are assigned to the state in various degrees by the public partner .

Igor Zelezetskiy also spoke about the online assessment project using OPORA (online rating analytics portal) developed by ACRA, which allows you to get a “preliminary” assessment of the project. The online assessment aims to increase the transparency of the project finance area and attract new participants.

On September 23, 2019, the Analytical Credit Rating Agency assigned the Russian Federation long-term credit ratings on an international scale at A-, the forecast is “Stable”, which became an important event for the agency.

In addition, an ACRA green finance team has been set up and operates and it is planned to present an evaluation methodology in the field of green finance in the near future.

Victor Chetveryakov, President of the National Rating Agency, spoke about participation models and investment barriers in attracting pension fund assets to infrastructure projects. He noted that according to the principles of their formation, pension funds are suitable for participation in such projects, since they satisfy the long-term attraction of funds, the principles of risk management. Western experience shows that pension funds are actively and successfully investing in the development of infrastructure projects.

Managing Director of the National Credit Ratings Rating Agency Dmitry Orekhov noted that the role of rating agencies in ensuring transparency, an additional information function for all market participants. The value of the fund consists of two parts: the value of the assets themselves and the value of the management company itself. In order to give an independent assessment of the value of such funds, Dmitry Orekhov suggests allocating an efficiency indicator, which in turn should be divided into three parts.

Sergey Kamyshenko, Executive Director of VTB Capital's Infrastructure Financing Department, praised the emergence of new techniques in the rating market in Russia. A high-quality analytical product - rating - is highly demanded by the market; serious investment decisions cannot be made without it. However, banks have their own rating methodology and agency ratings are one of the decision-making factors for banks.

VEB Infrastructure PPP Director Kirill Malyutin emphasized that at present some initiators are not interested in increasing their participation in equity financing to the level necessary for organizing project financing in some high-quality projects. This suggests that if the project appears on the market, then the bank should interest the investor in taking part in it. Accordingly, classical project financing with a ratio of 30/70% is not confirmed in the market.

Source: https://investinfra.ru